Bitwise Solana Staking ETF

What they do

The Trust issues common shares of beneficial interest that trade under the ticker BSOL on NYSE Arca. It seeks exposure to the value of solana held by the Trust, less expenses, and secondarily seeks to derive additional solana through staking. Coinbase Custody Trust Company, LLC serves as the Solana Custodian, holding solana in segregated accounts, including designated Trust Staking Account(s) that permit staking. The Sponsor, Bitwise Investment Advisers, LLC, selects one or more staking agents that operate the validators to which the Trust's solana is delegated.

Revenue drivers

• Solana price exposure — The Trust's primary objective is exposure to the value of solana held by the Trust, less expenses; the Trust values its holdings, net assets and Shares daily based on the CME CF Solana Dollar Reference Rate New York Variant (SOLUSD_NY), so the value of its solana position is the dominant driver of results.
• Staking rewards — The secondary objective is to derive additional solana through staking; the Trust stakes a portion of its solana via the Solana Custodian and receives a portion of the reward generated in the form of additional solana, which may be treated as income to the Trust.
• Sponsor Fee — The Trust accrues the Sponsor's management fee (the Sponsor Fee) in U.S. dollars, which is paid out of Trust assets and reduces net asset value.

Recent performance

The latest reported balance sheet, as of June 30, 2026, showed total assets of $596.5 million and total liabilities of $4.2 million. The 10-Q for the period ended June 30, 2026 included unaudited Statements of Assets and Liabilities, Schedules of Investment, Statements of Operations for the three and six months ended June 30, 2026, Statements of Changes in Net Assets, and a Statement of Cash Flows for the six months ended June 30, 2026, but the filing excerpts provided do not include the specific figures from those statements. The 10-K was filed on March 20, 2026 and the 10-Q on August 7, 2026. No revenue or expense figures beyond the balance sheet amounts were provided in the source material.

Strategy

The Trust is passively managed and does not pursue active management. In seeking its primary objective it holds solana and accrues the Sponsor Fee in U.S. dollars. It stakes a portion of its solana with the Solana Custodian, selecting one or more trusted Staking Agents whose validators receive the delegated solana. The Trust states it will not use derivatives that could subject it to additional counterparty and credit risks. The Sponsor believes the design enables certain investors to implement strategic and tactical asset allocation strategies using solana through the Shares rather than purchasing, holding and trading solana directly.

Risks

• Solana securities-law classification — The SEC has previously alleged that solana is a security, including in the June 2023 Binance and Coinbase complaints and a November 2023 Kraken complaint, and a determination that solana is a security may adversely affect the price of solana and the value of the Shares and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
• Digital asset price volatility — The Trust's value tracks solana, a decentralized digital asset whose ownership confers no claim on company profits or income stream, so its net asset value is exposed directly to solana price movements.
• Custody concentration — Coinbase Custody Trust Company, LLC holds the Trust's solana in segregated accounts; the Solana Custodian is not FDIC-insured but carries private insurance.
• Staking execution — The Trust's secondary objective depends on staking a portion of its solana through the Solana Custodian and validators operated by Staking Agents selected by the Sponsor, and the Trust receives only a portion of the reward generated.

Outlook

The filing excerpts do not include specific forward guidance on solana prices, staking yields, or Trust performance. The Trust notes it is an emerging growth company and may elect reduced reporting requirements, including no auditor attestation of internal control over financial reporting and exemptions from certain PCAOB and compensation disclosure rules. It will cease to be an emerging growth company upon the earliest of reaching $1.235 billion in annual gross revenues, becoming a large accelerated filer, issuing more than $1.0 billion of non-convertible debt over three years, or the last day of the fiscal year following the fifth anniversary of its initial public offering. The Trust has irrevocably opted out of the JOBS Act extended transition period for new or revised accounting standards.